"It is a pretty buoyant market and if it continues it is a good market for a new listing which we have next Tuesday," Mr Burke said, referring to government plans to list a minority stake in Meridian Energy on the local bourse.

"The timing is quite good in that respect."

Cloud accounting software firm Xero, which has jumped 15 per cent the past five days, slipped one per cent to $28.70 as investors benefited from the surging share price and took profits, Mr Burke said.

A decline in the New Zealand dollar benefited exporters, with Fletcher Building up 1.3 per cent to $9.60 and Fisher & Paykel Healthcare up 3.1 per cent to $3.64.

Among smaller stocks, Acurity Health Group, which owns Wakefield Hospital, jumped 36 per cent to an 11-month high as about 3.8 per cent of the stock changed hands at $5.50.

Mr Burke said Australian private equity healthcare company Evolution Healthcare, which owns Boulcott Hospital in Lower Hutt, is paying a premium to get volume although he didn't know how big a stake was being sought.